Featured News Headlines
Ripple Strengthens Presence in Europe with BBVA Crypto Custody Deal
Ripple, the US blockchain company behind XRP, has signed an agreement to provide crypto custody services to Banco Bilbao Vizcaya Argentaria (BBVA), marking another milestone in traditional banks embracing digital assets.
BBVA Expands Its Crypto Offering
The partnership follows BBVA’s recent rollout of Bitcoin (BTC) and Ether (ETH) retail trading and custody services. The bank will now rely on Ripple’s institutional custody service to power end-to-end solutions for its clients. Francisco Maroto, BBVA’s head of digital assets, emphasized that Ripple’s infrastructure enables the bank to meet all necessary standards for offering a fully integrated custody service.
Ripple Highlights MiCA’s Role in Europe
Cassie Craddock, Ripple’s managing director for Europe, noted that the European Union’s Markets in Crypto-Assets Regulation (MiCA) has spurred local banks to accelerate digital asset initiatives like BBVA’s. “BBVA has long been one of the region’s most innovative banks,” she said, highlighting the bank’s recent advisories encouraging wealthy clients to allocate 3%–7% of their portfolios to crypto.
This is not BBVA’s first collaboration with Ripple. BBVA Switzerland moved its crypto custody infrastructure to Ripple in late 2023, while Garanti BBVA in Turkey adopted Ripple’s services in 2024.
European Banks Embrace Crypto Custody
The MiCA framework is driving broader adoption among European banks. Earlier this year, Deutsche Bank announced plans to allow clients to store cryptocurrencies, while Clearstream and Boerse Stuttgart Digital Custody prepared to launch institutional custody and settlement services under MiCA. Global banks are following suit, with Standard Chartered launching crypto services in Europe after obtaining a digital asset license in Luxembourg in January 2024.
With these initiatives, Ripple is solidifying its position as a key partner for traditional banks navigating the rapidly growing crypto custody and regulatory landscape across Europe.
